Sony Pictures opens wallet for Bond 23

Co-financing deal for 007

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Sony Pictures has inked a deal with MGM to co-finance and distribute Bond 23 – the next outing for 007 slated hit to hit cinemas on 9 November 2012.

In April last year, the movie was suspended indefinitely as MGM struggled with a hefty $3.7bn debt. In January, it was announced Daniel Craig could dust off his Walther after all for a third outing as Bond, as the studio emerged from bankruptcy.

The new deal, announced yesterday by Sony Pictures' Michael Lynton and Amy Pascal, and MGM's Gary Barber and Roger Birnbaum, is a natural progression of the existing relationship between the two companies. Sony distributed Casino Royale and Quantum of Solace, the Hollywood Reporterexplains.

Barber and Birnbaum said: "Sony Pictures is the ideal studio partner for us as MGM re-enters the filmmaking business. We have longstanding relationships with Michael and Amy and look forward to what promises to be a prosperous future together."

Lynton said: "In addition to working together on Bond, this deal expands our relationship with MGM as we explore co-financing opportunities on other high-profile projects."